GBPUSD: Rebound Setup (Good R/R)

FX:GBPUSD   British Pound / U.S. Dollar
1558 1 52
- Long @ 1.5090/1.5080
- Stop below 1.5050
- Target 1.5140/1.5200
- MM: 30% size reduce

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Comment: UK Jobless Claims figures headline the economic data docket in European trading hours. An increase of 1.4k is expected, marking a narrow improvement from the 4.6k rise in the prior month. The headline figure carries relatively limited implications for BOE policy bets however and traders will likely Average Earnings numbers far more interesting. The pace of wage inflation is expected to rise to 3.2 percent, marking the third consecutive acceleration. A higher-than-expected outcome may hint that building domestic price pressures will be able to overcome external disinflationary forces from soft oil prices and a stronger currency. That could bolster rate hike expectations, sending the British Pound higher. A soft result could be seen as delaying tightening and weigh on the UK unit.
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